MINNEAPOLIS — Target Corp. has lowered its earnings expectations for first quarter 2013, the mass merchandise retailer said Tuesday.
The Minneapolis-based chain said it expected same-store sales growth in the quarter to be about flat over first quarter 2012 due to sales trends that have been weaker than expected, particularly in seasonal and weather-sensitive merchandise categories. As a result, earnings-per-share guidance is expected to be less than $1.10; the company's original guidance had stated earnings would be $1.10-$1.20 per share.
The company said earnings per share for fiscal year 2013 would still be between $4.85 and $5.05.
Target will release its first-quarter earnings on May 22, the company said.